Second Instalment for Purchase of Horse Hill Equipment Completed

Source: www.gulfoilandgas.com 2/11/2021, Location: Europe

UK Oil & Gas PLC is pleased to announce that, per the announcement of 4 June 2020, UKOG has completed the second instalment due under the sale and purchase agreement of the Horse Hill surface production equipment ("Equipment") from PW Well Test Ltd ("PW").

Transaction Summary
The Company acquired the Equipment from PW for 1.65 million. The purchase is via three equal instalments of 550,000 as follows:

An Initial instalment upon signature of the asset purchase agreement via equal amounts of cash and UKOG shares. This was made in July 2020.

A second and third instalment at 6-monthly intervals, or earlier at UKOG's discretion. Each payment either wholly in cash, or wholly in shares, or part cash/part shares, each at UKOG's sole discretion ("the Instalments)

The second of the Instalments of payment of 550,000 has been made to PW, via the issue of 412,475,262 UKOG shares, at a 5-day VWAP of 0.00133.

Share Admission and Settlement
Application will be made for the admission to trading on the AIM market ("AIM") of London Stock Exchange plc ("LSE") of the shares ("Admission"). Admission is expected to occur on or around 17 February 2021. Following Admission, the Company will have 12,955,610,312 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company is therefore 12,955,610,312 and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules.


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